The Prospector News

SilverCrest Draws an Additional US$30 Million on its US$120 Million Credit Facility

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

SilverCrest Draws an Additional US$30 Million on its US$120 Million Credit Facility

 

 

 

 

 

SilverCrest Metals Inc. (TSX:SIL) (NYSE:SILV)  is pleased to announce that, as planned, the Company’s Canadian subsidiary has completed the third scheduled drawdown of US$30 million on its previously announced US$120 million Project Financing Facility with an affiliate of RK Mine Finance (see news release dated January 4, 2021). This drawdown takes the total amount of debt accessed to date to US$90 million. The additional funds will be used towards the continued construction of the Company’s Las Chispas Project  located in Sonora, Mexico, with a targeted completion in Q2, 2022.

 

To limit risk and enhance flexibility, SilverCrest has now drawn down 75% of the Credit Facility, in-line with the agreed drawdown schedule. By completing this drawdown, the remaining US$30 million will remain available to the Company through August 31, 2022, during the planned H2, 2022 production ramp-up of Las Chispas. Project construction remains on time and in line with the previously disclosed capital cost estimate of US$137.7 million (see news release dated February 2, 2021). The Company still anticipates reaching the previously disclosed 80% of construction completed by the end of 2021 with full power available to facilities by Q2, 2022. To date, there have been no delays to construction as a result of the ongoing COVID-19 pandemic.

 

As at December 30, 2021, the Company has cash and cash equivalent of approximately US$178 million and US$30 million remaining under its Credit Facility.

 

ABOUT SILVERCREST METALS INC.

 

SilverCrest is a Canadian precious metals exploration and development company headquartered in Vancouver, BC, that is focused on new discoveries, value-added acquisitions and targeting production in Mexico’s historic precious metal districts. The Company’s top priority is on the high-grade, historic Las Chispas mining district in Sonora, Mexico, where it has completed a feasibility study on the Las Chispas Project and is proceeding with mine construction. Startup of production at the Las Chispas Mine is targeted for mid-2022. SilverCrest is the first company to successfully drill-test the historic Las Chispas Property resulting in numerous high-grade precious metal discoveries. The Company is led by a proven management team in all aspects of the precious metal mining sector, including taking projects through discovery, finance, on time and on budget construction, and production.

 

Posted December 30, 2021

Share this news article

MORE or "UNCATEGORIZED"


Interra Copper Reports Further Anomalous Cathedral Main Zone Drill Results

Interra Copper Corp. (CSE: IMCX) (OTCQB: IMIMF) (FRA: 3MX)  anno... READ MORE

January 24, 2022

Mandalay Resources Continues to Produce Excellent Results From Its Björkdal Eastward Mine Extension Drilling Programs

Veining with visible gold, supported by excellent grades, indicat... READ MORE

January 24, 2022

Capitan Mining Drills 38.1m of 0.63 G/T AuEq within a Broad Zone of 195.1m of 0.34 G/T Aueq.

Capitan Mining Inc. (TSX-V: CAPT) is pleased to report results f... READ MORE

January 24, 2022

Gold’n Futures Intersects Significant Gold Mineralization in the Golden Mile Zone in First Four Drill Holes at its Hercules Property in Northern Ontario

Gold’n Futures Mineral Corp. (CSE: FUTR) (FSE: G6M), (OTC: GFTR... READ MORE

January 24, 2022

GFG Intercepts Multiple Gold Zones in First Hole at the Montclerg Gold Project and Provides Corporate Update

GFG Resources Inc. (TSX-V: GFG) (OTCQB: GFGSF) announces that it... READ MORE

January 24, 2022

We acknowledge the [financial] support of the Government of Canada.

Government of Canada Supported
Copyright 2022 The Prospector News